Generali Beat Expectations in 1Q

   By Pietro Lombardi 
 

Assicurazioni Generali SpA's first-quarter results beat expectations, boosted by strong results in its asset-management and property-and-casualty divisions.

The Italian insurer said Tuesday that quarterly net profit was 802 million euros ($974.6 million), compared with a EUR113 million profit a year earlier, when impairments and costs related to the pandemic hit its results.

Operating profit rose 11% to EUR1.61 billion, with the asset-management division posting a 46% increase in operating profit and the property-and-casualty operations achieving 10% growth. Results fell 1.8% in the life segment.

Analysts had forecast quarterly profit of EUR705 million, according to a consensus forecast provided by the company.

Gross written premiums rose 4.2% to EUR19.71 billion.

The solvency II ratio, a key measure of financial strength for insurance companies, was 234% in March.

The insurance giant confirmed its targets for earnings growth, dividends and profitability.

Write to Pietro Lombardi at [e-mail]; @pietrolombard10

(END) Dow Jones Newswires

May 18, 2021 01:59 ET (05:59 GMT)

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